NY revises licensing for mortgage bankers

New York financial regulators say they are streamlining the licensing process for mortgage banking in the state with online submissions of application materials and other changes meant to reducing waiting time.

The Department of Financial Services says measures include adopting the Uniform State Test for loan originators effective Sept. 2. It will also let originators from another state or who work for a federal bank apply for a transitional license before being hired by a New York-licensed entity.

The department says it is eliminating placeholder applications, sending a single letter to applicants identifying all items missing from an application package, and establishing a new section on its website as a comprehensive resource center.